St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-30
JAY GOULD is BOSS.
He Helps Cyrus Field Out of
Hole,
And Gets Control of the B. & o.
Telegraph.
Special to the Globe.


formers total holding to have been TO-
600 shares. The value of Mr.. Fields
big block of stock at SLIGO, which was
the market price before the downward
movement began was S11 100000. He
now has no interest in Manhattan and
will retire from the board of directors.
MIR. Gould will keep the first lot of
$4,000 shares to add to his own holding,
making his total interest in the stock of
the company about S10,000,000. The
second lot of 10000 shares he will split
up. This stock was subscribed for yes
terday. Mr.. Fields retirement was
enforced. He was carrying his
INDUSTRIOUS LOAD
on margins. He had borrowed money
from nearly every trust company on the
street on stock as fast as he required it,
in order to buy more. He finally cor
nered the stock, and ran the price up to
Sl.75. The fate of his corner was, how
ever, the fate of very nearly all corners.
Disaster overlook it. After the collapse
of the coffee and wheat corners and the
breaking of the Fidelity bank, the trust
companies, banks and other money
lenders grew distruStful and began to
call their loans. The market began to
shrink, and Mr.. Field could not margin
down his stock any lower, as he had no
collateral on which to raise money. On
Thursday night he and his son, Edward,
went to Mr.. GOuld'S house at Irvington
MIR. Field told Gould the position he
was in. He would no longer carry his
load. Mr.. Gould was satisfied of Mr..
Fields SOlvancy if
GIVEN RELIEF
from his elevated stock burden, and
agreed to take the amount offered, $4,000
shares, at the price it averaged Mr..
Field, which was about 120. Mr..
Gould came to New York next morning
to procure the money and complete the
transaction. 1t turned out, however,
that Mr.. Field was still unable to eXtri-
cate himself, and to-day he went to Mr..
Gould and asked the latter to take the
rest of the stock. Mr.. Gould agreed to
do so, and furnished the money to mar
gin it down. In the earlier part of the
day Mr.. Fields face had indicated great
mental distress. After the deal with
most excellent spirits. The disposition
of the stock had saved him
from, perhaps, complete financial
ruin, Mr.. Field, despite his
great loss in Manhattan, is still a
wealthy man. His fortune is estimated
at S2000,000. He saves all his real es-
tate, and the United States bank, in
which he has controlling interest, is
relieved from all embarrassment to
which it might have been subjected.
The Washington building on Battery
park cost s., 200, 900, and there is a mort
gage of 81, 100000 on it. Mr.. Field has
AN EXTENSIVE PROPERTY
ON the Hudson between Dobb'S Ferry
and Irvington. He has in addition the
Mail and Express. Mr.. Field is now
siXty-seven years old. He is too far
| along in years to regard his posi-
| ton as a leader in the financial world
and will probably retire from everything
except the management of the personal
interests which he retains. He has al
ways been proud of the fact that his
name is historical as the promoter of the
| Atlantic cable and elevated railway SyS-
TEN of New York. The street was COM
pletely mystified at the development in
operators believed that Cyrus w. Field
had suffered heavily by the deal. The
transfer, as far as made known, was of
| Fields third in the 10000 share pool,
and the price Mr.. Gould told friend
was SIPS per share. Mr.. Field is still
believed to hold nearly 10000 shares of
the stock, and it was reported that
enough of this would be taken by Jay
Gould to give him
| ABSOLUTE CONTROL g-
of the property. Gould's holdings now
amount to 100000 shares, requiring
about 10000 shares more to make ma
| jority of the capital stock. One story
| circulated to-day was to the effect that
the sale was forced by a call for S500,000
more margin on loans Being carried by
Field, while another report made Field
| the party who started the break. and
Gould the purchaser of his stock in
| order to relieve the market. The an
nouncement of the deal was followed
| to-day by numerous rumorS regarding
| Western Union and Baltimore q Ohio.
1t was said that Gould had agreed to
take the Baltimore & Ohio system, form
new company and place Austin Cor
bin in control. Corbin ridicules the
story, but the talk was accompanied by
heavy buying orders, and the stock adj
vanced over per cent. on the strength
developed by it. Mr.. Gould is also said
to have taken $4,000 shares of Read
ing stock, and the brokers are
unanimous in the opinion that more
deals are forthcoming. New England
came in for its share of the rumors, and
| it was stated that the directors of the
road had purchased the Derby railway
| of Connecticut and that negotiations are
now pending by which the New Eng
land road will enter New York over the
Manhattan railway tracks. The story
that Henry Hart had sold most of his
Pacific mail was confirmed to-day by
| the delivery of great many certificates
| in his name. He is understood to be no
longer in control of the company. The
evening Sun says Wall street took on a
| little spur of excitement just at the
| close of business, on ticker report that
| Jay Gould had acquired the Baltimore
q Ohio telegraph lines by purchase
| from Robert Garrett. Ever since Alfred
| Sully made his
RIDICULOUS FAILURE
| to purchase Baltimore & Ohio on the
| option given him by Parrett, that OPP
ton has been held by Henry S. Ives, the
| broker. Ives option covers the railroad.
| telegraph and all other allied property,
and was renewed last Saturday until the
| middle of July. While that option holds
| good nobody but Ives can buy or sell
! Baltimore Il Ohio railroad or telegraph.
| Ives is after a railroad and don't want
| any telegraph. He has got an idea that
Jay Gould does want another telegraph,
| and that he can be induced to take the
Baltimore & Ohio telegraph, thus max
| ing it easier to pay for the rail
| road. Negotiations to that effect
were in progress yesterday, and not
can manage to buy the telegraph and
| railroad at CARROTS terms, Gould will
take telegraph off his hands at Gould's
| terms. That is the exact situation at
the present writing. Pacific Mail was
resting quietly at the close of business,
and friendly relations were proclaimed
between Gould and Hart. Hart has
sold all the stock he proposes to at
| present prices, and claims to have
enough stored away in his safe to secure
his control. He will not resign the
| presidency nor does Gould ask it. but
he rendered Gould one or two more
! directors if he wants them.
The KerShaw Failure,